Bitcoin Price Analysis: BTC/USD Bulls Target $6,880 and Higher

Bitcoin Price Analysis: BTC/USD Bulls Target $6,880 and Higher

Bitcoin price is positioned with a bullish angle above $6,560 against the US Dollar. BTC/USD bulls are likely to take control and push the price towards $6,880 and $6,950.

Important points

  • Bitcoin is forming a bullish breakout pattern with a major support near $6.560.
  • BTC/USD is trading inside a crucial symmetric triangle with resistance near $6,730 on the 2-hours chart.
  • BTC price is likely to break the $6,730 and $6,788 resistance levels for more gains.

Bitcoin price analysis

There was a slow and steady rise in bitcoin price from the $6,566 swing low against the US Dollar. BTC/USD traded above the $6,700 level and is currently forming a bullish breakout pattern.

The 2-hours chart of BTC price indicates that the price dipped below the $6,700 level once after forming a high at $6,788. There was a break below the 23.6% Fibonacci retracement level of the last wave from the $6,249 low to $6,788 high.

bitcoin
Chart sourced by TradingView, Binance

The price even dipped below the $6,620 support area, but declines were protected by the $6,560 support area. Moreover, the 38.2% Fibonacci retracement level of the last wave from the $6,249 low to $6,788 high also acted as a support.

At the outset, the price is trading well above the $6,620 support area and the 100 simple moving average (2-hours). More importantly, BTC/USD is trading inside a crucial symmetric triangle with resistance near $6,730.

The symmetric triangle pattern is about to complete with the final D wave, but there could be a minor dip towards the $6,660 level before the price attempts an upside break.

Should there be a break above the triangle and $6,730 with a 2-hour close, the price may possibly break the $6,788 high and continue higher. In the mentioned scenario, the price is likely to test the $6,875 and $6,920 resistance levels.

On the contrary, if bitcoin bulls fail to take the advantage of the symmetric triangle pattern, there could be a test of the $6,620 and $6,560 support levels. Below these supports, the price is likely to move into a bearish zone towards the $6,300 level in the short term.

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Bitcoin Price Analysis: BTC/USD Bulls Target $6,880 and Higher
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Bitcoin Price Analysis: BTC/USD Bulls Target $6,880 and Higher
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Bitcoin price is positioned with a bullish angle above $6,560 against the US Dollar. BTC/USD bulls are likely to take control and push the price towards $6,880 and $6,950.
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Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

Follow Latika @